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Yen Falls as Stocks Rise, Canadian Dollar Tracks Crude Oil Lower

Yen Falls as Stocks Rise, Canadian Dollar Tracks Crude Oil Lower

Ilya Spivak, Head Strategist, APAC

Talking Points:

The Japanese Yen underperformed in overnight trade, falling against all of its top counterparts. Swelling risk appetite appeared to be behind the selloff, with the anti-risk currency falling inversely of gains in S&P 500 futures and Japan’s benchmark Nikkei 225 stock index.

Meanwhile, the US Dollar continued to push higher as comments from St. Louis Fed President James Bullard appeared to reinforce a cautiously hawkish tone from Fed Chair Janet Yellen last week. Bullard said global markets appear well-prepared for a possible US rate hike, suggesting fears of triggering a panic many not hold back the resumption of stimulus withdrawal.

The Australian and New Zealand Dollars bore the brunt of the greenback’s advance as the threat of on-coming tightening exerted outsized pressure on currencies whose primary appeal is their yield-bearing properties. The Canadian Dollar declined alongside crude oil prices in a move that may reflect pre-positioning for this week’s OPEC meeting.

Looking ahead, German CPI figures headline the economic calendar in European trading hours. The headline year-on-year inflation rate is expected to rise to 0.1 percent. The report seems unlikely to generate a strong response from the Euro considering the outcome’s limited implications for near-term ECB policy trends as the central bank waits to evaluate the impact of a suite of stimulus measures unveiled earlier.

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Asia Session

GMT

CCY

EVENT

ACT

EXP

PREV

23:50

JPY

Retail Trade (YoY) (APR)

-0.8%

-1.2%

-1.0%

23:50

JPY

Retail Sales (MoM) (APR)

0.0%

-0.6%

1.5%

23:50

JPY

Dept. Store, Supermarket Sales (APR)

-0.7%

-1.2%

-1.2%

00:35

USD

Fed's Bullard Speaks in Seoul

-

-

-

01:00

AUD

HIA New Home Sales (MoM) (APR)

-4.7%

-

8.9%

01:30

AUD

Inventories SA (QoQ) (1Q)

0.4%

0.0%

0.0%

01:30

AUD

Company Operating Profit (QoQ) (1Q)

-4.7%

0.4%

-3.6%

European Session

GMT

CCY

EVENT

EXP

PREV

IMPACT

06:00

EUR

German Import Price Index (MoM) (APR)

0.4%

0.7%

Low

06:00

EUR

German Import Price Index (YoY) (APR)

-6.2%

-5.9%

Low

06:45

EUR

French GDP (QoQ) (1Q P)

0.5%

0.5%

Medium

06:45

EUR

French GDP (YoY) (1Q P)

1.3%

1.3%

Medium

07:00

CHF

KOF Leading Indicator (MAY)

102.7

102.7

Low

07:00

CHF

Total Sight Deposits (MAY 27)

-

493.6b

Low

07:00

CHF

Domestic Sight Deposits (MAY 27)

-

420.2b

Low

09:00

EUR

Eurozone Economic Confidence (MAY)

104.4

103.9

Low

09:00

EUR

Eurozone Business Climate Indicator (MAY)

0.17

0.13

Low

09:00

EUR

Eurozone Industrial Confidence (MAY)

-3.5

-3.7

Low

09:00

EUR

Eurozone Services Confidence (MAY)

11.3

11.5

Low

09:00

EUR

Eurozone Consumer Confidence (MAY F)

-7

-7

Low

12:00

EUR

German CPI (MoM) (MAY P)

0.3%

-0.4%

Medium

12:00

EUR

German CPI (YoY) (MAY P)

0.1%

-0.1%

Medium

Critical Levels

CCY

Supp 3

Supp 2

Supp 1

Pivot Point

Res 1

Res 2

Res 3

EUR/USD

1.0962

1.1052

1.1084

1.1142

1.1174

1.1232

1.1322

GBP/USD

1.4471

1.4555

1.4589

1.4639

1.4673

1.4723

1.4807

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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